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An Update on the New Graduation Requirement for Virginia Students. . . .

An Update on the New Graduation Requirement for Virginia Students. Economics and Personal Finance. VACTEA September 29, 2010 Virginia Beach, Virginia Judith P. Sams Program Specialist, Business and Information Technology Virginia Department of Education. Today, we’ll look at.

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An Update on the New Graduation Requirement for Virginia Students. . . .

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  1. An Update on the New Graduation Requirement for Virginia Students. . . . Economics and Personal Finance VACTEA September 29, 2010 Virginia Beach, Virginia Judith P. Sams Program Specialist, Business and Information Technology Virginia Department of Education

  2. Today, we’ll look at. . . . • The history of the graduation requirement • The progress that has been made • Where we are now • What we expect to happen next • What Virginia school divisions are doing to meet the requirement • And answer questions you may have

  3. Financial Literacy in Virginia For some time, instruction in economics and finance has been available to, but not required of, Virginia students. 1999 – The Virginia BOE approved a personal finance course to meet one of the mathematics requirements for the Modified Standard Diploma. The personal living and finance course may not be used to satisfy the mathematics requirement for other diplomas in Virginia. The VDOE developed Objectives for Personal Living and Finance to assist school divisions in developing a course to meet this requirement.

  4. Economics Education and Financial Literacy Objectives 2005 – The General Assembly required the BOE to develop objectives for economics education and financial literacy to be required of all students at the middle and high school levels. 2006 – The Board adopted Economics Education and Financial Literacy: Objectives and Correlations to Mathematics and History and Social Science Standards of Learning and Career and Technical Education Competencies. School divisions had flexibility in determining the format and strategies used to help students meet the requirement.

  5. Economics Education and Financial Literacy The VDOE collaborated with the Virginia Economic Education Council and Jump$tart to provide professional development in financial literacy. The VDOE developed a Web site devoted to resources for teaching financial literacy, as well as 35 video vignettes to assist teachers in presenting the economic and financial principles addressed in the Objectives. This has now been put on Itunes U so it can be used without using broadband space—and I will complete the correlation to the EPF SOL next week. The Board of Education approved several requests from local school divisions to increase graduation requirements locally by adding a requirement in personal finance.

  6. Economics and Personal Finance February 19, 2009 – The Virginia Board of Education adopted revisions to the Regulations Establishing Standards for Accrediting Public Schools in Virginia (SOA). In addition to creating two new diplomas (Standard Technical and Advanced Technical), the SOA contained several changes to graduation requirements, at that time to be effective with students entering the ninth grade in 2010-2011. One credit in economics and personal finance will be required for the Standard, Advanced Studies, Standard Technical, and Advanced Technical Diplomas.

  7. Standard DiplomaBeginning with the ninth-grade class of 2011-2012 and beyond

  8. Standard Technical DiplomaBeginning with the ninth-grade class of 2011-2012 and beyond

  9. Advanced Studies DiplomaBeginning with the ninth-grade class of 2011-2012 and beyond

  10. Advanced Technical DiplomaBeginning with the ninth-grade class of 2011-2012 and beyond

  11. Development of Economics and Personal Finance SOL Followed the process approved by the Board of Education for the development of all Standards of Learning Convened a team of educators, economics and finance experts, and other stakeholders Reviewed existing guidelines and objectives, as well as other literature on the topic Used aspects of existing Standards of Learning and CTE competencies to develop comprehensive standards based on concepts introduced in history and social science, finance, and accounting

  12. Timeline for Review of Economics and Personal Finance SOL June 25, 2009 —Board of Education accepted for first review the proposed Economics and Personal Finance Standards of Learning Public Hearings were held on September 15 in Richmond and on September 22 in Pulaski and Fairfax. Public comments were received electronically and submitted to the Board for review. Final review was presented to the Board in November (three months ahead of schedule) and was accepted with great praise and accolades.

  13. AND THEN. . . . Because of the potential economic impact on school divisions, the SOA requirements were delayed by the General Assembly for implementation until 2011-2012.

  14. Economics and Personal Finance Course Offerings A course to satisfy the economics and personal finance requirement could be housed in a number of departments, including: History and Social Science Mathematics Career and Technical Education Possible course options to satisfy the requirement: Economics and Personal Finance (6120), 36 weeks (formerly named Finance) — currently available An Economics and Personal Finance framework has been developed by History and Social Science for 6120 Semester options: Finance 6121, 18 weeks — available Economics 2800, 18 weeks — available with expanded endorsements Other courses that are aligned with the Economics and Personal Finance Standards of Learning

  15. Licensure to Teach Economics and Personal Finance Endorsements to teach a course in Economics and Personal Finance: Agricultural Education Business and Information Technology Family and Consumer Sciences History and Social Science Marketing Mathematics

  16. Professional Development for Economics and Personal Finance The VDOE has been collaborating with the Virginia Council on Economic Education (VCEE) and others to support teachers in preparation for the new requirement by providing professional development opportunities Spring/summer/fall 2010 workshops have been conducted through collaborative effort with VCEE Collaborative effort with Financial Services Planning Group, VCEE, VDOE, and others for resources update and posting Summer 2010—Insurance Education Institute through VBEA, additional workshops and training available through VCEE and summer conferences VACU League Train the Trainers throughout Virginia August 2-3, 5-6—VCEE Economics Education Part A in conjunction with VBEA conference in Roanoke; other sessions scheduled. Financial Literacy Summit—October 12 Professional development will include quality teaching materials and lesson plans for teachers.

  17. Newly Released Resources NBC Learn EverFi FilmIdeas Streaming Videos Foolproof Infusionomics—Powell Center University of Richmond offering customized course, Content and Teaching Strategies for High School Economics Instruction Custom Textbooks Textbooks aligned to Economics and Personal Finance SOL

  18. Where are we now? • Framework for BUS6120 in place • Framework for History and Social Science 2800 completed • Insurance Institute (Hybrid) being replicated across US • Working with online opportunities for course delivery • W$SE Financial Literacy Testing —2,454 tested in 2009-2010 school year; 2119 passed; 75 teachers certified • National Financial Capability Challenge results • Co-operatively planning training • Web site update to make information more prominent • Financial Literacy Workgroup appointed by Dr. Wright • OVAE College Access and Success grant application • Resources Website Update

  19. What is planned for the future? • Revision of BUS 6120 to include financial component of college access and success • Video vignettes aligned with EPF SOL • Continuous instruction and resource gathering • Extending partnerships with B & I • Extending financial literacy instruction to middle and elementary school levels • Incentives for industry certification participation in financial literacy

  20. What are local divisions doing? • Implementing BUS6120 or alternatives • Collecting and sharing resources for Web site and classrooms • Attending/sponsoring conferences and training –VCEE will come to you!! • Following legislative actions and talking with their representatives • Signing up for Business and IT listserv for initiative updates and training

  21. What can YOU do now? • Follow legislative actions and talk with your representatives • Contribute to resources listing • Sponsor/Support W!SE testing • Attend teacher training • Sign up for Business and IT listserv for initiative and training updates and opportunities

  22. OR. . . . . • Sign up or offer suggestions for Speaker’s Bureau • Seek/Sponsor scholarships for students majoring in Finance in college • Sponsor/support events at CTSO competitions, such as Personal Finance • ETC., ETC., ETC.

  23. For More Information Judith Sams Business and Information Technology Specialist 804-371-0196 Judith.Sams@doe.virginia.gov Dr. Linda Wallinger Assistant Superintendent for Instruction 804-225-2034 Linda.Wallinger@doe.virginia.gov

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